--- SEARCH ---
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar

Hot Links
China Development Gateway
Chinese Embassies

Ministry Seeks to Curb Soaring Home Prices

The average nationwide cost of housing during the January-August period climbed to 2,749 yuan per square meter, according to a real estate market report released by the Ministry of Construction on Monday. The figure is up 13.5 percent year-on-year and has climbed 6.9 percent from the first quarter of this year.

Officials from the ministry said the main reason for surging prices is an imbalanced mix of housing on the market, notably a reduced supply of economy housing.

From January to August, although investment in economy housing edged up 4.4 percent year-on-year, its proportion to total real estate investment dropped from 6.2 percent to 5.0 percent. The decline was even sharper in some locations.

Additionally, in some areas improper advertising by developers and the media have created spikes in housing prices.

Surging prices of land and construction materials are also putting upward pressure on the cost of finished homes.

In response, the ministry is urging all local governments to make adjustments to the market by increasing the supply of more affordable housing.

The ministry will also tighten supervision of all local governments in the control of land supply while taking steps to cut investment in non-dwelling and luxury houses. It intends to increase land allocations for lower-cost housing.

The ministry will also provide investment guidance to homebuyers.

(Xinhua News Agency September 21, 2004)


Sky-High House Prices Upset Buyers
Property Prices Increasing Rapidly
China Posts 11.6 Percent Growth in Housing Prices
An International Estate Taking Shape
Housing Price Up 10.4%
Real Estate Investment Slows down: NBS Statistics
Shanghai House Prices Not the Highest
Print This Page
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688